Brookfield Sets Its Sights On $24B Mall Operator
Fresh off its unsolicited $647M bid for Rouse Properties, Brookfield is setting its sights on Rouse's parent company, General Growth Properties, a $24B US mall operator.
Brookfield already owns 34% of GGP, but is exploring a full takeover of the 131-property company. The Canadian asset manager has been a major GGP backer since the mall operator emerged from bankruptcy in 2010, Reuters reports.
After dropping 13.4% over the last 12 months, GGP’s shares jumped over 6% after the news. However, there’s no guarantee Brookfield will move forward on an offer.
The move comes after Brookfield CEO Bruce Flatt (pictured) threw down the gauntlet at PERE giants like Blackstone, KKR and Carlyle. [Reuters]